Suara Malaysia
ADVERTISEMENTShopee SaleShopee Sale
Wednesday, June 19, 2024
    HomeNewsHeadlinesFelda: Govt committed to complete recovery plan implementation, says Finance Ministry

    Felda: Govt committed to complete recovery plan implementation, says Finance Ministry


    Shopee CNY Sale
    KUALA LUMPUR: The Unity Government is fully committed to ensuring the successful implementation of the Felda recovery plan, including the settlement of settlers’ debts, as announced previously. In line with this, the Finance Ministry has approved a government guarantee of up to RM9.9bil for Felda to issue sukuk. The ministry stated on Sunday (July 9) that the government has allocated up to RM1bil per year to enable the repayment of Felda sukuk, which will fund the write-off of settlers’ debts.

    On June 28, the government announced an agreement to restructure Felda’s loan through the issuance of sukuk and revolving credit, supported by a government guarantee. This move is part of the ongoing efforts to restore Felda’s financial position. One of the main aspects of the loan restructuring is reducing the principal debt to financial institutions by RM7.9bil. Additionally, Felda will be able to cancel 80% of the RM8.3bil debt owed by settlers.

    During the ‘Temu Anwar’ (Meet Anwar) program in Kedah, Anwar confirmed that the previous government had indeed agreed to dispose of the debt, but failed to follow through. “Budget 2021 and Budget 2022, proposed by Perikatan Nasional, did not include provisions for settling and disposing of Felda settlers’ debt. This is a fact,” said Anwar. However, he highlighted that he began allocating funds as early as Budget Madani 2023, setting aside over RM990mil to address the RM8.3bil Felda settlers’ debt.

    Meanwhile, Felda’s new chairman, Datuk Seri Ahmad Shabery Cheek, acknowledged that former Prime Minister Tan Sri Muhyiddin Yassin had announced a yearly payment of RM1bil for 10 years starting from 2022, but this commitment was never implemented. Ahmad Shabery elaborated on Facebook, stating that no formal document was provided to Felda to assist in settling its debt during Muhyiddin’s tenure. It was only Anwar Ibrahim’s Unity Government that followed through on the arrangement. – Bernama.

    Credit: The Star : News Feed

    Dedicated wordsmith and passionate storyteller, on a mission to captivate minds and ignite imaginations.

    Related articles

    Follow Us

    ADVERTISEMENTAuto AffiliateAuto Affiliate

    Subscribe to Newsletter

    To be updated with all the latest news, offers and special announcements.

    Latest posts